Unfortunately, the scheduled hard fork for the Ethereum Constantinople upgrade has been postponed. Originally scheduled for January 16, it was delayed after the security audit firm, ChainSecurity, found a flaw in EIP 1283. The developers are yet to decide a new date for the upgrade.
Ethereum has seen a small price decline totaling 1% over the past 24 hours of trading, bringing the current trading price down to $124.82, at the time of writing.
The cryptocurrency has lost a further 12.46% over the past 7 trading days but is up by a significant 28% over the past trading month. Over the past 90 trading days, Ethereum has seen a 40% price decline
Ethereum is now ranked in 3rd position as it currently holds a $12.77 billion market cap value. The cryptocurrency project is sitting $690 million away from second place Ripple.
Analyzing ETH/USD from the 4-hour perspective above, we can see that the market has fallen further since our last Ethereum price analysis. Price action was trading at support provided by the .5 Fibonacci Retracement level (drawn in green) priced at $124.81 but then slipped below this level.
The market continued to fall until it reached a combined area of support at the short-term .618 Fibonacci Retracement level (drawn in green) priced at $115.15.
This level of support was further bolstered by a short-term downside 1.272 Fibonacci Extension level (drawn in red) priced at $115.96. After price action hit this level of combined support, the market went on to bounce.
The rebound was halted when price met resistance at the short-term .382 Fibonacci Retracement level (drawn in green) priced at $134.67. It was unable to overcome this level.
Price action has since fallen slightly to trade around the support at the $124.91 handle once again.
After price action rebounded at the combined support around $115, it shifted the market back into a neutral trading condition. Price action is now bound between a relatively large range between $134.67 and $115.
For the market to be considered bullish in the short term, we would need to see price action break above the $135 handle. For the market to be considered bearish, price action needs to break below the $115 level.
If the bulls regroup and begin to drive price action higher, they will meet immediate resistance above at the upper boundary of the trading range at $134.67. If they can break above the range, further initial resistance toward the upside will then be expected at the bearish .382 Fibonacci Retracement level (drawn in red) priced at $138.29.
If the buyers continue to push price action above the $140 handle, expect higher resistance at the short-term .236 Fibonacci Retracement level (drawn in green) priced at $146.74. This is closely followed by more resistance at the bearish .5 Fibonacci Retracement level (drawn in red) priced at $155.12.
If the sellers cause ETH/USD to drop, we can expect immediate support at the lower boundary of the range at $115.15.
If the bears manage to cause the market to penetrate below this level, more support can be located at the short-term downside 1.414 and 1.618 Fibonacci Extension levels (drawn in red), priced at $110.46 and $102.55 respectively. There is more support at the short-term .786 Fibonacci Retracement level (drawn in green) priced at $101.27.
If the sellers manage to push ETH/USD below the $100 handle again, support beneath can be found at the short-term .886 Fibonacci Retracement level (drawn in green) priced at $93. There is more support at the long-term downside 1.618 FIbonacci Extension level (drawn in blue) priced at $84.03.
Analysing the ETH/BTC market front he 4-hour perspective above, we can see that the market had rebounded at a long-term downside 1.618 FIbonacci Extension level (drawn in purple) priced at 0.0258 SATS. The market then went on to rally towards the end of 2018.
The market surge met resistance,early in 2019 at a 1.272 Fibonacci Extension level (drawn in blue) priced at 0.0406 SATS.
Price action then went on to decline and continued to fall until it recently met support at a short-term .886 Fibonacci Retracement level (drawn in green) priced at 0.03257 SATS.
Price action for ETH/BTC is now trading at support provided by the short-term .786 Fibonacci Retracement level (drawn in green) priced at 0.03257 SATS.
The ETH/BTC market is trading within a range between 0.03532 SATS and 0.032573 SATS.
If the bulls cause the market to climb higher, we can expect resistance above at the short-term .618 and .5 Fibonacci Retracement levels (drawn in green), priced at 0.03532 SATS and 0.03652 SATS respectively.
Further resistance above this level can then be expected at the short-term .382 and .236 Fibonacci Retracement levels (drawn in green), priced at 0.03777 SATS and 0.03923 SATS respectively.
If the bulls can go on to break above the 0.04 SATS, higher resistance is located at the 1.272 and 1.414 Fibonacci Extension levels (drawn in blue), priced at 0.04062 SATS and 0.04215 SATS respectively.
If the sellers begin to pressure price action below the 0.03257 SATS handle, further support can be found at the medium-term .618 Fibonacci Retracement level (drawn in red) priced at 0.03191 SATS. This is closely followed by more support at the short-term downside 1.414 and 1.618 FIbonacci Extension levels (drawn in pink), priced at 0.03129 SATS and 0.02979 SATS.
Further support below this can be expected at the medium-term .786 and .886 Fibonacci Retracement levels (drawn in red) priced at 0.02924 SATS and 0.02765 SATS, respectively.
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